Marianne Lake, the CFO of JPMorgan's (NYSE: JPM) Consumer & Community Banking unit, will step up to become CFO of the company early next year, the company announced yesterday. Lake will replace CFO Doug Braunstein, who will assume his new role as vice chairman of the largest bank in the U.S. in the first quarter. Lake will also join the bank's operating committee.
Lake has held multiple positions in the finance department of JPMorgan, beginning her career with the bank as senior financial officer in the United Kingdom. JPMorgan's Consumer & Community Banking business is one of the largest retail financial services businesses in the United States. "Marianne Lake is an outstanding choice for this critically important role," said JPMorgan CEO Jamie Dimon.
Regarding Braunstein's new role as vice chairman, Dimon said, "Doug is a highly experienced and respected banker and an exceptional client-facing executive, who in this new role will work alongside our investment bankers to further strengthen the capabilities of our world-class Corporate & Investment Bank."